Being an entrepreneur or a businessman is not easy. You need to always be ahead of the fold and a visionary, you need to have a head start against your competitors, and you need to constantly learn as the world also evolves. Thankfully, as long as we’re willing, we can always glean so much wisdom from people who have gone before us and found success in their chosen industries.If you are an aspiring entrepreneur who needs some encouragement and inspiration, here are some key lessons to learn from 2021’s most promising startups.
Develop better foresight
In June 2019, a London-based virtual event startup company called Hopin was launched. It was established because the founders wanted to re-imagine a world where virtual events were so incredible that they can become the mainstream way people and companies hold events. The founders saw the potential in our ever-evolving technologies and thought they could leverage them to build this company. A year later, a worldwide pandemic was announced, opening the door for Hopin to find even more success.
As of November 2020, the company claimed 3.5 million users and more than 50,000 organisations, including the following heavyweights: NATO, United Nations, UCLA, the Atlantic, and Miro. It also currently has a $5.65 billion valuation, making it one of the fastest-growing startup companies in Europe.
What technologies are gaining more traction right now? Get ahead of the curve and think of its potential to fill gaps in the market.
Focus on long-term strategy
During a worldwide crisis like COVID-19, it’s tempting to be in survival mode and prioritise the now.But social commerce platform Wannahaves proved at the height of the pandemic that you can do both-survive for the day but still establish and implement a long-term strategy.The company had to scale down and downsize, but they still saw their sales and community increase enormously. Instead of getting caught up in short terms and immediate returns, they looked at the big picture.
Does your business need scaling down at the moment? Is your team burned out doing so many things at once, and do you need help with vital tasks like bookkeeping services? Don’t hesitate to do what you need to do now to help your company in the long term. Hiring an essential third-party agency might be an additional cost for now. Still, if it will be for the benefit of your employees and your company for months and years to come, then it’s certainly a worthwhile investment.
Think beyond profit
Don’t just aspire to be a businessman; aspire to be a social entrepreneur, someone who makes the world a better place, as cheesy and cliché as it may sound. We live in a time when consumers are more awake to the realities of wealth inequality and labour exploitation. Being an aggressive businessman who’s just in it for the money will no longer fly.
This is something we can learn from Ruckify, the world’s biggest and most reliable peer-to-peer rental marketplace whose mission is to decrease unnecessary consumerism by providing people the opportunity to earn money from the mundane, everyday items they have in their homes. The brand believes inthe value of sharing, collaborating, and helping communities encourage sustainability. Users are allowed to rent each other’s items, and they can also sell what they have through the platform.
So sit down and think of the advocacy you want to fight for through your business and believe that in a time like 2021, it’s possible to do well by doing good.
Leverage technology
AIRenty is a tech startup that leverages the power of artificial intelligence (AI) to help consumersstreamline the real estate rental process.Since the founders have two decades of experience in software development, they decided to make their own that can help landlords eliminate repetitive tasks that come with looking for potential tenants: There’s no longer a need for redundant communication and consuming too much energy and time finding a good tenant. And because they also have a background in property management, they had all the building blocks for a creative startup idea.
Even if you don’t have a background in technology, you can partner with people who may not necessarily have the vision you have. Together, you can complement each other’s strengths and create the startup of your dreams.
There is so much to learn from successful young companies who are paving the way for others. Learn from your peers, don’t give up, and you might kick the door open for your own success story.
